Crude Oil WTI Technical Analysis: Black Gold hits a new 2018 at $73.06 a barrel

• Crude oil tested the former 2018 high made on May 22 at 72.83.
• The bull momentum has been strong up to 73.06 the new 2018 high but profit-taking along with new short sellers entering the market can lead to a correction lower in the coming sessions.
• WTI overshot the bull channel which can potentially mean buying exhaustion.  

Crude oil WTI 15-minute chart

Spot rate:                      72.31
Relative change:            2.44%      
High:                             73.06
Low:                              70.53

Trend:                           Bearish below 73.06

Resistance 1:               72.83 former 2018 high
Resistance 2:               73.06, 2018 high
Resistance 3:               73.25 November 14, 2014 low
Resistance 4:               73.88 November 19, 2014 low
Resistance 5:               74.71 November 17, 2014 low

Support 1:                    72.00 figure        
Support 2:                    71.19 May 23 low        
Support 3:                    70.53 May 24 low